ADVFN confident of future growth despite seeing annual loss widen

(Alliance News) - ADVFN PLC on Thursday maintained an optimistic outlook for the year ahead, despite seeing revenue decline and loss widen over the financial year.

ADVFN is a London-based operator of financial information websites for private investors. Shares in the firm were up 39% at 16.00 pence each in London on Thursday morning.

For the twelve months ended June 30, ADVFN reported a pretax loss of GBP1.9 million, widened from GBP1.4 million a year prior.

Revenue fell to GBP5.4 million from GBP7.8 million.

Nevertheless, ADVFN shares enjoyed a boost, after the firm told investors that its initial phase of changes, alongside the redesign of its product offering, will be fully optimised by the first quarter of next year.

ADVFN also said it was in the process of recruiting "high-level positions" in order to further strengthen its leadership team.

Looking forward, the company remains focused on expanding its product offering, notably the launch of its real-time option data and option flow product, new and unique editorial content, comprehensive global fundamental data for relevant markets, and the revamp of the InvestorsHub message board.

"We plan to introduce a new product which we believe is going to revolutionise the way our users consume financial information, utilise our existing community and tools in different ways," said Chief Executive Officer Amit Tauman.

"As we reach a point of financial stability and become a more efficient organisation, we will be poised to identify and seize opportunities further to grow our business."

By Holly Beveridge, Alliance News reporter

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